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Essel Group forays into investment banking, private equity business

India-based media house Essel Group has entered into financial services sector in the country by launching an investment banking and private equity business unit Essel Financial Services.

Under the holding company Essel Financial Services, it has further launched two businesses including private equity and investment banking under the names of Essel Finance Managers and CAPSTAR, respectively.

The company has appointed Amit Goenka, former national director, capital transactions, at advisory company Knight Frank as managing director and CEO of the newly established company.

The private equity business unit will focus on infrastructure, real estate and financial services sectors. It has opened four offices in Mumbai, Noida, Bangalore and Delhi and recruited a team of 15 professionals.

The company will also concentrate on mergers and acquisitions (M&A), pre-IPO deals, qualified institutional placement and portfolio management services.

It has selected Abhinav Bhushan, former head equities – capital transactions at Knight Frank India to oversee the I-banking division ‘CAPSTAR’.

After gaining a strong foothold in the domestic market, the company is also planning to enter into overseas market by launching offices in Singapore and London by 2013.

The company has appointed Sumit Kumar, who was working with Beekman Helix India, to manage the private equity fund under Essel Finance Managers.